China as the biggest asian economic challenger of the united states

How long before china becomes biggest economy

Such bilateral U. However, such measures have increasingly raised concerns that China intends to use industrial policies to decrease the country's reliance on foreign technology including by locking out foreign firms in China and eventually dominate global markets. The Chinese government has acknowledged these problems and has pledged to address them by implementing policies to increase the role of the market in the economy, boost innovation, make consumer spending the driving force of the economy, expand social safety net coverage, encourage the development of less-polluting industries such as services , and crack down on official government corruption. The 12th and 13th Five-Year Plans framed a new round of reforms that were most effective in addressing the strategic challenges of a decade ago. In East Asia, the old rule that economics determines politics lost effectiveness because nearly all these countries closely worked with China economically but aligned with the US in security and politics and welcomed and even invited the US to balances the growth of Chinese power Yang, Zhizhen, Explore the latest strategic trends, research and analysis This excerpt is from Parag Khanna's book "The future is Asian". Private enterprises and foreign-invested firms were generally barred. The 21st century has seen a multipolarity rather than Chinese hegemony in the region. However, as China's technological development begins to converge with major developed countries i. Others contend that China's growing use of industrial policies to promote and protect certain domestic Chinese industries or firms favored by the government, and its failure to take effective action against widespread infringement and theft of U. Indeed, ahead of that crisis there was growing recognition by the Chinese leadership of the need to shift the sources of economic support from the seemingly systemic risks of excess reliance on external demand in a crisis-prone world to a new self-sufficiency from internal demand, especially private consumption. Economic reforms, which included the decentralization of economic production, led to substantial growth in Chinese household savings as well as corporate savings.

This in turn has made China a major commercial partner of the United States. Nowadays, not only has Asia become the largest manufacturer in the world, [1] but it is to become the largest market as well.

To illustrate, one U.

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China wants foreign resources and markets, not foreign colonies. Additional coastal regions and cities were designated as open cities and development zones, which allowed them to experiment with free-market reforms and to offer tax and trade incentives to attract foreign investment.

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As their national strength and aspiration grow, Beijing and Delhi are demanding not only more power but also compensations to their interests in international affairs e. The key to China's successful reform strategy was bridging the gap between rhetoric and implementation.

Foreign trade was generally limited to obtaining those goods that could not be made or obtained in China.

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The Rise of Asia: Implications and Challenges